Sky Financial Group Inc. of Bowling Green, Ohio, said Monday that it has reached an agreement to buy a 101-year-old independent insurance agency.

The stock deal for Toledo-based Picton Cavanaugh is valued at $7.5 million.

Sky Financial is a holding company for institutions including Mid Am Bank, Citizens Banking Co., and Ohio Bank.

The deal is expected to close in the second quarter after regulatory and shareholder approvals, Sky Financial said.

- Compiled by Michael O'D. Moore

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